Medicare Advantage vs. Medicare Supplement

FESCH.TV INFORMIERT:

In this video, we compare Medicare Advantage and Medicare Supplement Plans side by side to allow you to choose the best plan for your needs.

Once you have enrolled in Medicare Part A and Medicare Part B, have two options. To enroll in a Medicare Supplement plan or a Medicare Advantage plan. Keep in mind, you cannot enroll in both.

Option one includes enrolling in a Medicare Supplement plan and a Medicare Part D plan. Original Medicare does not include prescription drug coverage. That’s why you’ll want to add a standalone Medicare Part D plan. In addition, you’ll want to enroll in a Medicare Supplement Plan, also known as Medigap. This plan will cover additional out-of-pocket costs that you’re responsible for paying. Medicare Supplement plans were specifically designed to fill in the gaps in coverage from original Medicare. This includes coinsurance and deductibles depending on the plan you enroll in. Medicare Supplement plans literally supplement your Original Medicare benefits.

Option two would be to enroll in a Medicare Advantage plan. Now, it’s important to remember that Medicare Advantage is not the same as Original Medicare. These are managed health care plans that are offered through private insurance companies. Medicare Advantage plans do tend to have lower monthly premiums when compared to Medicare Supplement plans. In addition, some may come with ancillary benefits like dental and vision coverage. Most also include prescription drug coverage. Due to the low or zero-dollar monthly premium, you will have to pay more out-of-pocket as you use the benefits When compared to Original Medicare and a Medicare supplement plan, Medicare Advantage plans come with many limitations. These include a limited network of doctors, coverage that will not travel with you, and you need a referral to see a specialist.

Visit MedicareFAQ.com to learn more about Medicare Advantage vs Medicare Supplement plans.

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